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Mode of undertaking transactions - Section 269ST - Income Tax - Ready Reckoner - Income TaxExtract Mode of undertaking transactions - Section 269ST No person shall receive an amount of ₹ 2,00,000 or more - in aggregate from a person in a day in respect of a single transaction in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic mode as may be prescribed. However, the provisions of this section shall not apply to- any receipt by Government or any banking company, post office savings bank or co-operative bank transactions of the nature referred to in section 269SS such other persons or class of persons or receipts, which the Central Government may, by notification in the Official Gazette, specify. Note:- banking company shall have the same meaning as assigned to it in clause (i) of the Explanation to section 269SS co-operative bank shall have the same meaning as assigned to it in clause (ii) of the Explanation to section 269SS Note:- If a person receives any sum in contravention of the provisions of this section, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt. (Section 271DA) Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies. [ Circular No. 25/2022 Dated 30th December, 2022 ]
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